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MCX Silver is expected to move in between the range of 69800-71000 - ICICI Direct
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Metal’s Outlook
Bullion Outlook.
* Spot gold is expected dip towards the key support level near $1900 amid rise in the US treasury yields. Further, the hawkish comments from the Fed officials could also limit the upside in the precious metals. Meanwhile, the CME Fedwatch toll suggests more than 88% probability of no rate hike September. However, it is also observed that the rates will stay at current levels until the end of the 2023. Now the focus will be on US PPI numbers which may provide some more insight into the Federal Reserve’s interest rates path
* MCX Gold futures is expected to dip towards 58300, as long as it trades under 59000.
* MCX Silver is expected to move in between the range of 69800-71000. Only a move below 69800 it would weaken towards 69000 levels
Base Metal Outlook
* Copper prices are expected to remain under pressure amid weak demand from top consumer China. Further, continuous rise in inventories at LME registered warehouse to its one month high at 83,000 tonnes could restrict the upside in the metal prices. Meanwhile, expectation of fresh stimulus from China to support the economy could limit its downside
* MCX Copper is likely to face the hurdle near 734 and weaken towards 724. Only a move below 724 it would open the doors towards 720 level
* MCX aluminium is expected to weaken towards 199, as long as it trades 190 under the 202.50 mark.
Energy Outlook
* NYMEX Crude oil is expected to face the hurdle near the $85 mark and weaken towards $81 level amid lower demand from China. However, the optimism from the OPEC producer group that oil demand will be robust in 2024 and tightness in the supplies could limit the downside in the oil prices.
* MCX Crude oil is likely to dip towards the 6800 as long as it trades under the 7050 mark.
* MCX Natural gas is expected to hold support near the 226 mark and rebound towards 238 amid forecast of above normal temperature in US.
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